Concierge firm co-founded by Queen’s nephew reports loss despite cost cuts

London: So, it turns out that Quintessentially, the fancy concierge service co-founded by Queen Camilla’s nephew, Sir Ben Elliot, is in a bit of hot water. They just reported a loss of £2.1 million, even after trying to cut costs and jobs. Yikes!

The company, which has been around since 2000, is now saying there’s some serious uncertainty about whether they can keep going if sales don’t pick up or if they can’t find new funding. They’re feeling the pinch, especially with a £15 million loan hanging over their heads.

Quintessentially is known for helping the rich and famous snag hard-to-get reservations and tickets. They’ve even worked with the government to attract wealthy investors to the UK. But now, they’re in a tough spot, warning that a drop in business could really hurt them.

Despite the gloomy news, a spokesperson mentioned that one of their main lenders is still backing them and believes they can turn things around. They’re hoping that new business and some serious cost-cutting will help them get back on track by 2025.

Interestingly, they did see a 12% rise in revenue, hitting £29.6 million, but that wasn’t enough to offset their losses. They’ve been investing heavily in things like a new app and hiring more staff, but now they’re having to scale back a bit.

They’ve cut some jobs and are renegotiating contracts to save money. Still, they’ve got a decent number of employees, around 252, which is up from last year. They’re optimistic about trading profitably in the next six months, especially with some new deals in Saudi Arabia and partnerships with companies like Mastercard.

But here’s the kicker: they still have those loans due next month, and it’s unclear if they’ll manage to pay them off. They did manage to get an extension on some loans, but the pressure is on.

Quintessentially has had its share of troubles in the past, including some accounting blunders and issues with dividends. They even had to switch auditors recently. So, it’s a bit of a rollercoaster for them right now!